Itay Goldstein

Itay Goldstein
  • Joel S. Ehrenkranz Family Professor, Professor of Finance, Professor of Economics, Coordinator of PhD Program

Contact Information

  • office Address:

    2253 Steinberg-Dietrich Hall
    3620 Locust Walk
    Philadelphia, PA 19104

Research Interests: corporate finance, feedback effects between financial markets and real economy, financial fragility and crises, financial institutions, financial markets

Links: Personal Website



PhD, Tel-Aviv University, 2001; MA, Tel-Aviv University, 1998; BA, Tel-Aviv University, 1994.

Academic Positions Held

Joel S Ehrenkranz Family Professor, Professor of Finance, Professor of Economics

Other Positions (Selected)

Academic Advisor, Bank of Canada, 2015-; Visiting Scholar, Federal Reserve Bank of Richmond, 2013; Academic Consultant, Federal Reserve Bank of New York, 2011- ; Academic Consultant, Committee on Capital Markets Regulation 2010-2012; Visiting Scholar, Federal Reserve Bank of Philadelphia, 2005- ; Visiting Scholar, Princeton University, 2000-2001; Economist, Bank of Israel, 1998-2000.

Professional Leadership (Selected)

Co-founder and Inaugural President of the Finance Theory Group; Executive Editor of the Review of Financial Studies; Previously Editor at Management Science and the Journal of Financial Intermediation; Co-organizer of Wharton Conferences on Liquidity and Financial Crises; Director of the American Finance Association; Director of the Western Finance Association; Previously Director of the Financial Intermediation Research Sociey; Elected Member of FARFE (Foundation for the Advancement of Research in Financial Economics); Member of FARFE Prize Committee, 2010.

Selected Press Coverage

Economist, Financial Times, National Public Radio, Forbes, Bloomberg, Ruters,, Morningstar.

Continue Reading



Past Courses


    Integrates the work of the various courses and familiarizes the student with the tools and techniques of research.


    This course serves as an introduction to business finance (corporate financial management and investments) for both non-majors and majors preparing for upper-level course work. The primary objective is to provide the framework, concepts, and tools for analyzing financial decisions based on fundamental principles of modern financial theory. The approach is rigorous and analytical. Topics covered include discounted cash flow techniques; corporate capital budgeting and valuation; investment decisions under uncertainty; capital asset pricing; options; and market efficiency. The course will also analyze corporate financial policy, including capital structure, cost of capital, dividend policy, and related issues. Additional topics will differ according to individual instructors.


    (Formerly FNCE 726) The objective of this course is to study the major decision-making areas of managerial finance and some selected topics in financial theory. The course reviews the theory and empirical evidence related to the investment and financing policies of the firm and attempts to develop decision-making ability in these areas. This course serves as an extension of FNCE 611. Some areas of financial management not covered in FNCE 611 are covered in FNCE 703. These may include leasing, mergers and acquisitions, corporate reorganizations, financial planning, and working capital management, and some other selected topics. Other areas that are covered in FNCE 611 are covered more in depth and more rigorously in FNCE 703. These include investment decision making under uncertainty, cost of capital, capital structure, pricing of selected financial instruments and corporate liabilities, and dividend policy.


    Independent Study Projects require extensive independent work and a considerable amount of writing. ISP in Finance are intended to give students the opportunity to study a particular topic in Finance in greater depth than is covered in the curriculum. The application for ISP's should outline a plan of study that requires at least as much work as a typical course in the Finance Department that meets twice a week. Applications for FNCE 899 ISP's will not be accepted after the THIRD WEEK OF THE SEMESTER. ISP's must be supervised by a Standing Faculty member of the Finance Department.


    This course provides students with an overview of the basic contributions in the modern theory of corporate finance and financial institutions. The course is methodology oriented in that students are required to master necessary technical tools for each topic. The topics covered may include capital structure, distribution policy, financial intermediation, incomplete financial contracting, initial and seasoned public offerings, market for corporate control, product market corporate finance interactions, corporate reorganization and bankruptcy, financing in imperfect markets, security design under adverse selection and moral hazard, and some selected topics.


    This course may be offered (and taken by a student) several times a year with varying topics.

In the News

Knowledge @ Wharton

Wharton Stories


Latest Research

Indraneel Chakraborty, Itay Goldstein, Andrew MacKinlay (2019), Monetary Stimulus and Bank Lending, Journal of Financial Economics.
All Research

In the News

Why Banks Need to Ramp Up Stress Tests

Inflation-driven higher interest rates will have varying effects on banks’ resilience, says Wharton’s Itay Goldstein.

Knowledge @ Wharton - 9/7/2021
All News

Wharton Magazine

Facebook’s Cryptocurrency Gamble
Wharton Magazine - 10/09/2019

Wharton Stories

On the right, Golden Gate Bridge. On the left, city by night.Wharton EMBA Students Share How They Benefit from a Bicoastal Program

One unique aspect of Wharton’s MBA Program for Executives is the opportunity for students to take classes on either coast. They can immerse themselves in the innovation ecosystem of Silicon Valley at our San Francisco campus, or they can come to our historic University of Pennsylvania campus in Philadelphia. Students…

Wharton Stories - 08/13/2019
All Stories